China ends as 2nd-largest carbon trader
Print Edition
CHINA is the world’s second-largest carbon trading market following the European Union, data showed yesterday.
Xie Zhenhua, deputy head of the National Development and Reform Commission, said Chinese enterprises traded over 3.85 million tons of carbon emission quotas as of May 23.
These quotas were sold for 125 million yuan (US$20 million), making China a major carbon trader only second to the EU.
China began pilot carbon trading in 2011 and has approved seven schemes in Beijing, Tianjin, Shanghai, Chongqing, Shenzhen as well as provinces of Guangdong and Hubei.
Under the schemes, enterprises which produce more than their share of emissions can buy unused quotas on the market from those that cause less pollution.
Carbon trading is designed to encourage emission cut and raise money to fund research on environmental protection.
Afflicted by serious pollution especially smog, China will control carbon emissions by cutting fossil fuel consumption, using clean energy and establishing carbon trading markets.
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